DA Hike in March 2024: Ahead of the 2024 Lok Sabha Elections, the Union Cabinet on Thursday (March 7) approved the decision to hike dearness allowance (DA) by 4 per cent. The increase announced on Thursday comes with effect from January 1, 2024. The 4 per cent hike is above the present rate of 46% of the Basic Pay/Pension. The DA has been hiked to battle the current inflation.
According to the official statement, the annual impact on the exchequer due to both Dearness Allowance and Dearness Relief is estimated at over Rs 12,000 crore. This adjustment will positively affect approximately 49.18 lakh Central Government employees and 67.95 lakh pensioners. The raise adheres to the approved formula derived from the recommendations of the 7th Central Pay Commission.
Govt extends Rs 300 LPG subsidy
Apart from the DA hike, the Centre also announced the continuation of the Rs 300 per LPG cylinder subsidy for economically disadvantaged women under the Pradhan Mantri Ujjwala Yojana (PMUY) for the upcoming fiscal year starting April 1.
In October of the previous year, the government had increased the subsidy from Rs 200 per 14.2-kg cylinder for up to 12 refills per year to Rs 300 per cylinder. The Rs 300 per cylinder subsidy was applicable for the current fiscal, concluding on March 31.
The Cabinet Committee on Economic Affairs (CCEA) has made the decision to prolong this subsidy until 2024-25, Union Minister Piyush Goyal said during the press briefing on Thursday. This initiative, anticipated to aid approximately 10 crore families, will incur a government expenditure of Rs 12,000 crore, the minister added.
Modi govt announces IndiaAI mission
Apart from the DA hike and LPG subsidy extension, the Centre on Thursday also announced the ambitious ‘IndiaAI Mission’. With budget outlay of Rs 10,371.92 crore.
The IndiaAI mission aims to create an inclusive ecosystem that fosters AI innovation through strategic initiatives and collaborations spanning both public and private sectors.
This will be achieved by facilitating access to computing resources, enhancing data integrity, nurturing homegrown AI expertise, attracting top-tier talent, fostering industry cooperation, offering financial support to startups, prioritizing socially beneficial AI projects, and promoting ethical AI practices. Through these efforts, the mission seeks to facilitate responsible and inclusive growth within India’s AI landscape.